LOS ANGELES, CA – Multifamily developer, LaTerra Development has acquired a 42-unit multifamily property, located one block from Sunset Strip in West Hollywood.
The acquired asset, Terraces at La Cienega is located at 1121 N. La Cienega Blvd. in Los Angeles.
The company purchased the asset for $29.2 million and plans to renovate the property to create a luxury multifamily property.
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The current property was built in 1990 and features large units, nine-foot ceilings, open courtyards, common areas and abundant parking.
"This is an ideal opportunity for LaTerra to apply our skills to create an updated living environment for tenants, and overall increased value for the city and our investors," says Charles Tourtellotte, CEO of LaTerra Development.
Tourtellotte adds, "We intend to enhance this unique building design with a thoughtful renovation plan that will bring the apartments to today's modern convenience standards and, with the addition of 10 newly constructed apartment units, to provide more housing in this outstanding location."
The building currently features a mix of nine one-bedroom units, 31 two-bedroom units and two three-bedroom units. LaTerra Development has additionally identified 10 locations withint he existing property that can be converted into accessory dwelling units. The ADUs will be one and two-bedroom apartments and are now allowed under California law to help increase the supply of housing.
LaTerra Development has retained Urban Architecture Lab to update the property's exterior. The company will also update the property's interiors with new appliances, finishes, flooring materials and kitchen and bathroom fixtures. The renovation will include the addition of a new rooftop deck and a new washer and dryer in each unit.
The renovations are slated to commence in Q1 2022 and are expected to continue over a two-year period. The property's amenity spaces and exterior building work are expected to be completed within 12 months.
Current tenants of the property will be offered the opportunity to relocate to a newly-renovated apartment at market rates upon completion.
THG Multifamily Advisors' Paul Darrow represented the seller in this transaction.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
